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Adani Row: Plea filed in SC against Hindenburg, alleging criminal conspiracy
The US investor research firm - Hindenburg Research allegations that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", caused a huge dent on the Adani Group firms' assets.
New Delhi, Feb 03: A petition has been filed in the Supreme Court against the founder of Hindenburg Research, Nathan Anderson claiming the short selling "deliberately" released concocted news against the Adani Group.
Advocate ML Sharma, who filed the PIL, sought action against Anderson and compensation for people who had invested in companies of Adani group.
The US investor research firm - Hindenburg Research allegations that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", caused a huge dent on the Adani Group firms' assets.
The plea by advocate Sharma sought an "inquiry to prosecute and register FIR (first information report) under section 420 and 120-B of IPC (India Penal Code) read with Section 15HA SEBI Act against the short sellers (Anderson and his associates in India /USA) for exploiting innocent investors."
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"Anderson and his Indian entities, hatched a criminal conspiracy and thereafter on January 25, 2023, they released a concocted news as research report which was damaging to the Adani Group of companies. It added when the share market crashed, they squared up their short sell position at the lowest rate," the plea said.
According to the plea, the short sellers "secured billions of profits by swindling" many citizens of India.
"Be pleased to issue writ of mandamus to the Respondents to conduct inquiry to prosecute and register F.I.R. u/s 420 and 120-B of IPC read with Section 15HA SEBI Act against the short sellers (Anderson and his associates in India /USA) for exploiting innocent investors via short selling under the garb of artificial crashing via short selling couple with further direction to recover their turnover of short selling with a penalty to compensate investors in the interest of justice," ANI quoted the PIL.
The petitioner has also urged to declare short selling as an offence of fraud and that the investors to be prosecuted under Section 420 of IPC, and Section 15HA of SEBI Act 1992.
